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Market Matters:

The $64,000 Question: Can 10,000 hold as support?
by by Staff Writers

July 8, 2010

In After Hours Trading

WDFC beat estimates. TSCO guides higher.

What's Happening This Morning

Asia and Europe mostly higher only Stockholm lower. S&P 500 and NASDAQ 100 futures are lower by -1.40 and -3.00. Brent Crude is at $74.09 from $72.12 from $72.52 with gold at $1200 from $1190 and natural gas at $4.58 from $4.70. The Up Dollar ETF (UUP) closed at $24.41 from $24.49 lower by -0.33%. Currencies see the Yen at 88.09 from 87.25 with the Pound at .66 and Euro at .79 from .80. The 20 Year Treasury ETF (TLT) closed at $101.62 up by 0.82%. High yield bonds rose and corporate investment grade bonds fell on Wednesday.

Earnings Expected

Earnings due after the close INXI LWSN NUHC. Due Friday before the open PSMT.

Rags & Mags: Inside Wall Street

NY Times reports

Reported Earnings This Morning

Earnings of note this morning - GBX beat estimates while ISCA missed estimates.

Data Points

Yesterday saw 2689 stocks rise and 447 fall on the NYSE. NASDAQ saw 2095 rise and 600 fall. The S&P 500 remains below its 50 day moving average and its 200 day moving average. The 10 day spread moving average of breadth has been weak in the past ten days and we moved back to invested on the Madison Market Timing Indicator on 5/10/10.

Economics

Releases of note this week other than the weekly oil/gas numbers and jobless claims include a slew of retailers reporting same store sales for June today. LTD beat same store sales estimates while WTSLA missed estimates. Bank of England leaves rates unchanged at 0.50%. Malaysia Central Bank raises interest rates by 25 basis points to 2.75%. Germany Industrial Production raised higher.

Politico

Conference & Analyst Meetings

Conferences include Allen & Co Media Conference.

Conference of Note

Watch how media stocks fair from Sun Valley, Idaho at the Allen & Co annual summerfest media conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup    
Barclays    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS TOT  
Lazard    
Merrill Lynch    
Jefferies   SKH
Oppenheimer   NANO
RBC    
Bernstein    
Stifel Nicolaus    
Morgan Keegan AVB UDR  
Keefe Bruyette    
Friedman Billings    
Baird    
Needham    
Cowen    
PiperJaffray    
Thomas Weisel    
American Technology    
Raymond James    
CIBC    
Dresnder    
Key Banc    
HSBC Securities    
Ladenburg Thalmann  
William Blair    
Collins Stewart    
Sun Trust RH    
Kaufman    
Brean Murray    
JMP Securities    
Wedbush    
Argus    
Morgan Joseph    
BB&T    
ING    
Roth    
Janney Montgomery    
Susquehanna    
Think Equity    
Merriman    
Pali    
BMO Capital    
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
RBS    
MKM    

 

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